and china. is that accurate? how critical is this visit to china? jiechi: his visit to the united states was a historic visit, opening up the relationship between our two countries. i think this visit is also vitally important. the united states has actually emphasized that they hope that this relationship and this visit will be a milestone, putting our relationship firmly on a positive trajectory. betty: the american public still have a mistrust of the chinese. a pew center poll recently said 54% of americans view china unfavorably. how does the president plan to change that perception? >> poll results very from time to time and from place to place. my understanding of american society is that there is a deep awareness of the importance of nurturing better relationship between our two countries. tom: so i believe that the american people attach a great deal of importance to the visit. we have had some early harvest of this new model of the relationship between us. for instance, the trade between the two countries has grown quite a bit, and there ar

and china? mr. in 12 months' time, of course, let's work hard to make the president's visit and the heads of state meeting a success. let the message be out and that china and the united states will continue to build this new model of the relationship between china and the united states. i think it is also very important for people to view things from a new perspective. that is we are in the 21st century. the 20th century is a great century, but there are lessons to be learned, as well, so people should adopt a more forward-looking attitude. betty: on a final note, i have spoken a lot about the concerns of the americans, but i am curious from you. what deeply concerns you the most? what keeps you up at night? mr. yang: well, now in this information age, diplomacy is going on somewhere while you are asleep or awake, so i have to make sure that things are functioning in a normal fashion, and it is my view that people of the world aspire to a better tomorrow, and it is the responsibility of diplomats b

and china. is that accurate? how critical is this visit to china?> his visit to the united states was a historic visit, opening up the relationship between our two countries. i think this visit is also vitally important. the united states has actually emphasized that they hope that this relationship and this visit will be a milestone, putting our relationship firmly on a positive trajectory. betty: americans and the american public still have a mistrust of the chinese. a pew center poll recently said 54% of americans view china unfavorably. how does the president plan to change that perception? >> the results of opinion polls vary from time to time and from place to place. my understanding of american society is that there is a deep awareness of the importance of nurturing better relationship between our two countries. so i believe that the american people attach a great deal of importance to the visit. of course, we have had some early harvest of this new model of the relationship between us. for instance, the trade between the two countries has gr

tonight on mosaic, china has a new slogan. narrator: introduced by chinese president xi jinping in 2012, the china dream is a pledge to rejuvenate the nation. prof. cheah: when i hear china dream, the first thing i think about: materialist consumption. ai weiwei: i think it's just a nightmare. narrator: is the china dream of security and economic prosperity for all chinese citizens or only for the well educated and fortunate enough to already be middle class? professor taz frazier: you know working class, working poor, rural chinese citizens are finding the chinese dream to be a myth. prof. stan rosen: it's being introduced at a time when you're trying to pull back everybody who is going off in their own 1.3 billion directions. narrator: tonight on mosaic, through the eyes of film makers around the globe we explore the china dream with intellectuals, overseas students in america, migrant workers in beijing, and an entrepreneur in africa. tonight on mosaic, the china dream. dean yam yeutong: national rejuvenation refers to thos

-china relations. mr.g: there might be ups and downs, but the general direction of the relationship is development. in this run-up to the president's visit, what i've heard from the general public in both countries is that this is very important and we have to make sure the visit will be a great success. i think that is the true feeling of the two peoples. betty: when the dow plunged a thousand points, donald trump, who is the leading candidate to win the republican nomination, he came out very forcefully and said this is china's fault. that china made this mess because they devalued the renminbi. so is the chinese government prepared to deal with a president trump? mr. yang: well, i have just expressed my views on the financial markets of various countries, and i think that any country should look at the facts and then come to the right conclusion. i am not going to comment -- betty: including mr. trump? mr. yang: i am not going to comment on any particular person's views. when you look at the u.s. stock

as one chinese admiral told a conference in china about the south china sea, "it belongs to china." the united states has rightly rejected this view. as secretary of defense ash carter said in may, turning an under water rock into an air field does not afford the rights of sovereignty or permit restrictions on international air or maritime transit. secretary carter vowed that the united states will fly, sail and operate wherever international law allows as u.s. forces do all over the world. unfortunately, it has been four months since that speech, but the administration has continued to restrict our navy ships from operating within 12 nautical miles of china's reclaimed islands. this is a dangerous mistake that grants recognition of china's man made sovereignty claims. these restrictions have continued even after china, since its over naval vessels within 12 miles as the president concluded his visit to alaska. after that, u.s. officials emphasized that the chinese ships did not violate international law which allows countries to transit other nation's territorial seas under innocen

for china these islands belong to china. so china activity on the islands are legitimate.ut of course to the contrary to the people in the philippines and vietnam, they have the opposite view. >> we're showing our viewers pictures of fiery cross reef right now. according to the british intelligence group me say that the runway there that we're looking at should be able to support all chinese military aircraft, the port facility should be able to support chinese surface combatant ships. tell me what your view is of what this development is. it looks military as opposed to civilian. >> yes, first of all. including the runaway and the port, mainly for civilian purposes. the support the fishing , seven and rescue, and at the same time they have the purposes of the complex situation in the south china sea china should limit defense capability there so that if sovereignty claims over the islands . >> the united states is saying that the islands are in international waters, and the u.s. is going to exercise freedom of navigation whenever they like. the chief of naval said that he

china we see as a risk. good news is that a lot of that risk is discounted in industrials, energy, even technology, all the strong-dollar china plays have massively d rated, analysts have cut their expectations, energy expectations have been slashed in half over the last 12 months, so i don't know how much more downside there is for those sectors him about what i do worry is the consumer place. u.s. stocks with a lot of china consumption exposure, those haven't d rated at all. you haven't seen analysts cut , the retailers, restaurants, that have a lot of china consumption exposure. angie: is it a risk when a lot of money managers and analysts looking at china sea that growth in the services sectors? and we heard that from the data, that it is propping up the weakness in manufacturing and ask sports -- and exports. >> you have had a couple of companies miss expectations. missed.ds that's an area to watch. that has been one area within the u.s. market. if that cracks, what takes leadership from their? we lower

half of its revenue comes from china.it struggled to find menus catered to local tastes, not to mention increasing competition from local names. let's go to malcolm now, getting 250 gaming tables to their resort city, one week before it is scheduled to open. end ofmber at the upper what analysts were expecting. some say definitely positive news from an investor's point of view. this shows that studio city checked all the right boxes in terms of the non-gaming facilities of the governments wanted. the announcement came days either aftert back criticism of his policies last week. keep in mind, melco did get 100 more tables than the casino that opened in may. a is still less than what wanted. they wanted 400 gaming tables. he said he would be very concerned the project did not get that amount. finally, let's take a look at ferrari, they hit the road in the new york stock exchange today raising nearly $900 million in its ipo. under race,isted and it certainly was a race. shares of the top of the range at $52 each. department

angie: incredible for china. david: there have been some reports that prince charles will have a tea, but he will not go to the state banquet. he is doing a protest of his own on their position on the dalai lama. but that has not been confirmed. it has not been reported by the chinese. u.k.ould think that the --ulace was in a frenzy angie: how is this being covered in china? david: this is the front page of the china daily, hong kong version of the chinese daily -- china daily. inis a similar situation beijing. frontpage wall-to-wall coverage of the visit and the incredible -- it is little bit like what we saw when he went to the united states. the meals, everything, 21 gun salute was all recorded an absolute detail. deals.economic david: the nuclear power deal, and the assistant commerce minister said there would be huge deals signed. it will not just be london, but manchester, an area that the u.k. wants to redevelop. the united kingdom is the biggest foreign exchange location on earth and they are desperate to

steve: you spent some time in china, so you talked to the people of china. can you assess how you think the relationship, people to people, has changed, to where we are today? not government to government, but people to people? one of the things, we talk about the chinese people -- an extremely diverse that relation. chinese americans were more likely to interact with people of either the lower end of the social scale, or the upper ,egions of the social system people who had gone to college and graduate school in the united states. i think americans got a very distorted picture of china by not having a very good understanding of these two groups. time, i think today, we tend to -- in the last 20 years, i went to china 20 years ago for the first time -- what i see is a growing sense of confidence, but also growing sense of nationalism. sometimes, a little aggressive nationalism. we have that in our country, certainly, as well. one of the encouraging things is there is a wider range of people interacting with americans today, then there was 70 years ago. that

and blames it for weakening china. but, at the same time, china needed american support. a lot of the chinese-americans i looked at during the war stayed in china, in occupied china and lived through this gray, murky area where their loyalties could yet them in trouble or be unclear. i think it is very complicated. you spent some time in china and so you talked to the people. can you assess how the relationship people to people has changed from the time you researched to where we are today? not government to government, but people to people? things about the chinese people is it's an extremely diverse population. they were most likely to interact in the 30's and 40's were people at the low end of the social scale who served in american households in shanghai or people of the upper reaches of the social system, well educated and english speaking who had gone to college in the united states. verynk americans got a distorted picture of china through not having much understanding of these groups for anything beyond that. b

china says focus on the bigger picture. calls to beef up its acts as the latest grand casino opens its doors. and it's gross gym but not as much as we know it. it will be a far cry from last year's stellar numbers. welcome to "first up with angie lau" right here on hong kong streaming on your mobile and bloomberg.com. let's see the markets in tuesday morning. the apex is pretty much flat ead of what could be a tepid trading day following what happened on wall street. over to knew zealand yesterday was a market holiday. today this is what we've got. .4% higher approximately speaking. w zealand is at .67 u.s. cents. let's head over to japan. any kay 225 last closed in the green. this as china's 13th five-year plan gets underway and we're expecting some reforms there. of course, we've got that over the weekend. any kay futures at 11%. they have heard the case for both china's bulls and bears, the outlook for china's economy and what it means for the rest of the world will feature prominently in the discussion. >> there are two

china's stimulus move.told bloomberg the rate cuts were not the most interesting part of friday's announcement. not too much surprise. we were factoring in another caught. what is from's and the removal of the selling with deposit rates. interest rate liberalization. report event that makes different, it should do it. guest: it should make a difference. over to the plan of opening capital markets, etc.. terms of speculation, probably going to remain in an easing environment. pboc is mindful of opportunity is getting smaller. manus: land of opportunity is getting smaller. for rate cuts to a possible rate cut. china's -- begins. the economic and social policies for the next five years will be finalized. david is tracking all that happened. great to see today. give us contact. we had rate cuts, will we have more significant growth -- i am sorry. i do not know what i am calling the most. the growth target. high significance to drop? of growth, ite will be discussed in being when the central committee guest toge

and it goes tops china, but is it actually stay in china? put in iphones and exported out to western europe and places like that. if you look at export numbers and things like that, china is as important as those export numbers would lead you to believe. the effect may be overstated. if the u.s. economy continues to do well and europe continues to pick up, then things in the global economy probably aren't quite as bad as people have made out here. angie: some people say maybe they are better in china than all of the sentiment that exists right now. are you one of those people? j: i don't think things are necessarily better. houseou are seeing his prices are starting to stabilize, not only in the big cities but some of the smaller ones as well, starting to get some stability. keep in mind the service sector in china, which is difficult to measure, that has become bigger over the years. as is more of a slowdown of construction and industry. the service sector appears to be holding up ok. at she: we looked electricity use. what do you look at?

let's take a look at china. to 2007.999 china is doing so much to divide a stimulus. they did not have a democratic debate. printing: it suggests management. the good time and the bad time, this is a good time to bring in the hong kong office. we are talking about a grind in china gdp. what is a level of concern in beijing to go under 7%? they've let it go just below the 7% mark. it would be close to 7% before the year is out. we saw something about a mixed bag. it's showing that the new drivers is coming along well. of the old china economy are still struggling. manufacturing is in a told him. it's quite a mixed picture here. francine: what do we know about the real figure western mark how much was this inflated? a lot of traders are treating this with skepticism. there is always skepticism around chinese data. that is healthy. they set a growth target. we still have growth come in very close to 7%. you would've thought that would've taken a big hit from the stock market. services were the main contributors to growth in the quarter. skepticism is there. what we need

china's yuan is little changed in offshore trading today as china lowered its benchmark rate.ed a cap on deposits. analysts say fx intervention may be the next step. there's news about china's push to include the yuan in the staple of imf reserve currencies. a chinese official says the imf has given the government strong signals the yuan will join the sdr soon. china's communist party leaders are gathering in beijing to chart the next five-year plan that will guide the economy through the end of the decade. german chancellor angela merkel says an agreement has been reached on the eurozone plan to manage the huge influx of refugees. eun-claude juncker says that states have agreed to refrain from taking unilateral decisions. alexis tsipras labeled it a humanitarian crisis. we are also following news from malaysia. , 400alaysian ringgit million of it, the malaysian government may collect 400 million ringgit's from taxes on the rich. this as the government tries to recoup tax money the malaysian government says 2 billion people pay income taxes in malaysia. that is a check of the

china eastern and china shipbuilding coming under pressure.p --ry, slightly then expected slightly better-than-expected gdp target in china, keeping the 7% target vaguely and reach. . -- in reach. >> keeping that target vaguely in reach. expectation gives it a positive tinge. we have seen services do quite well in the last quarter despite a slowdown in the stock market. manufacturing, of course, remains under pressure. gdp third quarter beat economist expectation. but it keeps it on track for the 7% number. rishaad: this is what they want? it could be in reach. >> it is all about the rebalancing story. the positive takeaway that services continues to do well, but it is not enough to fill the hole by the slowdown in exports and manufacturing. it is not that bad. 7% growth. do we need policy action? if we get radical policy action, it is a guide, nothing more. >> 7% is a growth rate, a lot of economies would in the -- would envy. economy is said, the sluggish in key areas. the real estate sector does remain quite slow. government to keep their e

inside china. cutting-edge technology, which we don't teach in college at all. so the human resource problem and the manpower problem is more and more -- getting more and more serious here in china. >> because everyone's going to the silicon valley? >> they offer better. obviously. oh, here are the -- >> these are the famous ribs? >> yes. >> maybe the number one thing that the seriously food-crazed traveler coming back from shanghai will tell you to eat other than the soup dumplings, of course? zeran paigu. or simply, cumin ribs. ♪ it takes two cooks working at once to make this dish. one deep fries the ribs in hot oil until just right. another toasts the ginger, cumin and other spices in a wok. and then in go the ribs. and if you are a devotee of what's called wok-hei, you sit as close to the kitchen as possible to capture that elusive fast-dissipating breath flavor of the wok itself. toss them around, coating those bones with all that good stuff, then serve. and because we like it to burn, thomas

out,china growth bottoming you talked about that before. china growth is bottoming out.he fed runs -- the fed funds rate could be delayed. i think investors are putting back into the stock market. if you see the volatility come think youficantly, i see the risk 30 type of people -- risk parity type of people. about the price of these equities? >> rather than the valuation? book wasok at price below one. -- that is quite cheap, especially when the return on equity is about 13 or 14%. angie: we want to are you with more questions -- we want to pepper you with more questions. indonesia says the forest fires may take years to resolve. continuesasia edge" in just a minute. ♪ angie: you are watching "asia edge." that the case covering southeast asia -- the thick haze covering southeast asia is showing no signs of letting up. for more, let's go to our asia editor in singapore right now. the problem has happened again and again. the economic impacts have been huge. countries in the region have agreed to work together to combat it. why is it getting worse? >> they have agreed. in

american military vessels in china's territorial waters, and china's front door. whole of china is enraged and the entire country is calling for a strike back. >> i don't see how this could be interpreted as provocative. in international waters. from our standpoint, we would see these as part of our normal business as a global navy. for now, china knows it would be unwise to pick a fight with the immense firepower of , but china's own navy is growing fast. in the long run, it's intention is to push the u.s. pacific fleet far from china's front door. rupert wingfield-hayes, bbc news . achala: i'm joined by michael green, the senior vice president at the center for international studies. what is your assessment of what is evolving in the area. 12 knock aithin miles. the reef was under water a year ago. we have been doing this for 200 years. when countries claim waters beyond the international norms. is full of geostrategic significance. it is a rising china that build therfields in this area of islands, incredibly intimidating for the philippines, vietnam, and front

so i think confusus is the key to china to be at -- country. >> he believes now that china is wealthy, there are many aspects of chinese cultural that could be revised. through their studies of chinese culture, it could be foreign nationals who are filling that gap and creating a bridge between china and the rest of the world. >>> hello there welcome to "newslin" it is thursday october 22 nd i'm catherine kobayashi in tokyo. britain and china signed a deal hailing a new relationship between their countries. the two leaders agree that china will invest more than $9 billion to build a nuclear power station. in exchange china will receive a 33.5% stake. the french firm edf is the lead ne

walmart committing again to china and to the internet in china.was a fascinating story in itself. give us your thoughts on the retailing sector across europe. more of anh o intra-europe story than it was. >> absolutely. if you consider the hypermarket, you have price wars and competitive, aggressive policies. -- what is you have interesting is the story in spain and italy -- a return to .nflation around 4% i think that is really the story with inflation coming back in europe and that has been reflected. anna: we can talk about inflation somewhere, amazing. charles, emerging markets has been so powerful. china is in an area of weakness right now, but what about brazil? isn't a new market for them. >> they have had good times and bad times. it is a great for brazil at the moment but they had this great format with a hybrid cash and carry. it really strips down stores, buying in bulk, and that is driving sales. it is at 7.6%, much better than competitors. i think their experiences really paying off. anna: that may be an economy that is struggling. >>

is still positive for china. before i go on, the report also described several other currencies as being undervalued. couth korean juan, tie juan -- taiwan dollar included and they're also pointing out the euro. not so much the level of the exchange rate but a strong reliance on monetary policy as a risk to watch. that's one of our top stories. at the moment, the juan is a little bit weaker at this point. rishaad: we'll look at that story later in the show. our us your thoughts at twitter field. look at the other stories making headlines. have a look at -- billionaires in part of the woods are having to answer some serious questions. >> that's right. the macau billionaire who allegedly bribed united states officials to win their endorsement of a conference center. a federal prosecutor has agreed to release him on $50 million became. it's said he paid hundreds of thousands to former u.s. assembly president john ash as well as frances lorenzo. he is one of six people arrested earlier this month in connection with t

it's a china made, china targeted cruise line. >> the idea is to have a domestic cruise company in china very important to help the market grow and we're excited about our partners, the largest shipbuilding entity in china. with those partners we see building this domestic brand and we see other joint ventures coming out of this eventually with other partners shipbuilding as well. >> this is a $4 billion venture. not small change here but a lot of people would say from the outside saying china might be slowing down more than we think. do you have any concerns? >> i have no concerns. china may be slowing a bit but it's still the fastest growing economy in the world. there are already over 100 million outbound tourists in china and 1 million of them are cruising today and that's only going to grow. there's plenty of opportunity for cruising in china and for the chinese public to experience the great value and the great vacation experience that cruising is. >> so let me just pick up on that because a lot of corporates have been having a hard time in china, like, for instance, burberry and o

china. what do you think it's going to be? >> well, my guess is that the chinese will claim that the united states has militarized the china sees first and china is reacting. but the reality is that china has been militarizing the south china seas for a number of yea years. other claimants have as well. china is not the only country that has done so, but they have done it on a scale that is far greater than other countries, and the chinese are creating a great force projection capability that other countries do not have. i think if the united states had not conducted this separation, that the inaction would have had consequences, that it would have emboldened the chinese to continue on this bath. so over time i think that this may have an impact of getting the chinese to reconsider some of their provocative and destabilizing course of behavior, but it must be combined with other diplomatic tools. this is just simply one tool in the u.s. toolbox. >> the u.s.-china relationship is vitally impo

we have supercenters in china. our sam's clubs in china are doing great.et desk now we have set the stage in china by creating a seamless experience for customers. manus: david cameron will try to move his negotiation of britain's membership on the european union on to the next phase today. [no audio] ♪ francine: welcome back to "the pulse." we're streaming on bloomberg.com, your tablet. andrea, thank you for sticking around. we talk about luxury and the problems with china. we talked about the banks. this boils down to what the fed will do. do you think the fed still has a thise of hiking rates year? if they don't, is it dangerous? there's not much left in the punch bowl for central banks. andrea: i think we were ready for a rate increase a month ago. everyone was kind of relaxed about it. we talked about it for so long now. 25 basis points. we feel the u.s. economy is still pretty robust. creation, the industrial specifics suggests there should be a rate rise. i'm not suggesting a massive hike. get ahead of the curve. what about the wider markets in chin

china takes a different path. the president says beijing has a right to uphold, and lawful life and interest. >> i'm committed to expanding our cooperation even as we address disagreements candidly and constructively. >> reporter: chinese leaders fear that if the united states becomes involved in the issue, it will make things worse so the talks were held only with members in china. after the talks, chinese vice foreign minister emphasized that china will resolve any differences through talks for nation's concerns. >> the matter of the south china sea is just one issue between china and some asean members. >> reporter: some media reports have people appeasement, but this is not true. observers say china wants to avoid isolation by holding talks with countries in china stressing the importance of takes for developing this issue peacefully. nhk world. >> we'll keep you updated on that, thank you very much. >>> mean while, japanese officials plan to hold talks with chinese counterparts to discuss maritime issues incl

leaders watch china grow bolder to staking claims in the south china sea. here's the report. >> reporter: for the past year, chinese workers have. conducting massive dredging and building operations in the spratlys. manmade islands rose from three previously submerged reeves. this shows a complete runway on firy cross. now china claims 12-mile limit around the art official islands. the u.n. convention on the law of the sea says such limits cannot be set around manmade territory. so the u.s. has been studying the possibility of deploying naval ships to the region to conduct freedom of navigation operations. >> the united states will fly, sail, and operate wherever international law allows as we do around the world and the south china sea is not and will not be an exception. >> reporter: the issue was one of the main topics last month in a summit meeting between president obama and president xi. many experts believe if they had come up with a solution to the problem at the meeting, the u.s. would not have sent the warship. >> the move was triggered to narrow

china is overcapacity.may be selling at a loss but the government itself will be helping them meet some costs. >> yet there is no hiding even under these tarps. there is heavy lifting and crushing left to do. let's check in on the other stories. apple raising its green investment in china, building an extra 200 megawatts of solar power and calling on supplies to make similar commitments to clean energy. the news comes after the solar farms in southern china have been completed and produced 40 megawatts between them. , change is a great challenge and the time for action is now. credit siu's boss said he has a plan to rebuild the bank but investors are buying it. after hembled presented the strategy taking the company forward. he took over in july and is seeking $6 billion of capital to expand wealth management in asia. the third quarter estimates missed estimates. google has launched a subscription plan for youtube. cable cut out commercials and allow users to save video for off-line viewing. it brings googl

we have supercenters in china. are -- our stores in china are doing great.e also bought an e-commerce firm in shanghai earlier this year, so we have set the stage in china as we have in the u.s. to create a seamless shopping experience for customers. has released a five year plan at its biannual investor day. the company says sales will accelerate, reaching $50 billion by the end of the decade by doubling sales to women and raising online revenues. nike has been on an upswing during the financial crisis. its stock is tripled and has increase its presence in china and south america. first data has priced its ipo below the market range. overompany raised just $2.5 billion, about 20% less than expected. profits will be used to pay down its $21 billion debt. shares will start trading later on the u.s. stock exchange. it has been a rough year for commodities. fortescue metals came out with their latest election metals -- production numbers. paul, how did fortescue do? pretty good, angie. 41 point 9 million tons of iron ore shipped. that is up slightly on year. th

china business.he company is committed to returning substantial capital. er said that the opportunities for risk are different than what you see in the u.s. because most of the stores in china are company- based, not franchise, which can be good in good times but can pose potential risk when times are tough. taking a look at the market is still number one in china but are losing a piece of the pie. 40% in 2011. now about 31% last year. mcdonald's saw shares fall of it. still number two, but we are seeing local names like ting hsin increasing competition. yum! still struggling to cater to a local tastes. angie: how will restructuring help? yvonne: it will speed up the recovery. they say it will help to kind of strategize, a more country- specific strategy to be more comfortable in the local market. they will also have a chance to bring back some of the investors and customers lost in the fallout. they say it will give investors a choice. you can have a cash flow stream or a leading restaurant concept